It’s like when you’re dating and you think you are good, but then you get married and you’re like whoa, this level of commitment is beautiful. It’s like that.
Is it still the American Dream to own a home? I hope not. Let’s not over glamorize a huge expense. But we all need a place to live and when it comes down to it, I hope everyone will own a home one day.
The emotional, social, and financial benefits are worth saving for.
First, I agree. Owning a home is not for everyone. Those that want to live a nomadic life don’t need to bother. Neither if you are not able to afford a home on your own. That’s it. If you do not fall into these two options, then there is a way for you to make this amazing purchase part of your life plan.
Why is owning a home better than renting?
- You are more at ease; don’t worry about being asked to move when the landlord wants their home back
- You can do whatever you want to the property; add your personal touches when it comes to design and renovation
- You are more likely to see your home as your sanctuary and place of refuge
- Your wellbeing is enhanced knowing that you own your space.
- You can sell the home for a profit
- Tax incentives are based on what you pay in interest every year and taxes
- If you own a business and work out of your home, there are more tax incentives for you
- You can pay it off and not worry about paying for a place to live in the future
- You can use your equity to build wealth or in case of emergency
- Don’t have to worry about rent increasing
- You are more likely to become invested in your community and advocate for change when necessary
- You build deeper relationships with your neighbors
- You are proud to share your home with others
- Your kids have a yard
Owning a home is a big commitment that requires a good amount of capital upfront. Also, all home repairs are your responsibility. Many people get scared of that responsibility. There are ways to prepare yourself for those expenses. Sinking funds are the best way. Save a set amount each month so that when something comes up you have funds already in place. Have this money liquid for easy accessibility when issues come up.
Don’t ever think that owning a home is not for you. Let go of that scarcity mindset. It’s for everyone that wants it. Ask yourself “how will I get there?” Talk to people who are homeowners and ask them how they made it happen.